The developer has won the race to buy the 36-acre development site from the University of Salford, purchasing the plot for a figure in excess of the £15m asking price.
The Fred Done-backed company is now looking to build up to 500 homes and 25,000 sq ft of commercial space at the former Castle Irwell student campus, which sits on loop of the River Irwell, around a mile outside Manchester City Centre.
The University of Salford instructed Tim Claxton Property to dispose of the site in March this year after securing planning permission in October 2018, advised by Euan Kellie Property Solutions.
While the plot was offered for sale for £15m, Salboy is understood to have paid over the asking price to secure the site. There was also believed to have been strong interest in the site from both registered providers and national housebuilders.
Salboy is understood to be looking at submitting the first reserved matters planning application for the site in the coming months, following the main principles set out in the outline consent. EKPS has been retained as planner, with architect Calderpeel and landscape architect Layer also working with the developer.
The outline permission includes a Section 106 agreement, which covers giving over 3.83 acres in the north west of the site to the council to develop a school. It also includes a contribution of £367,000 to sports facilities and £145,000 for highways improvements.
The University had been looking to appoint a development partner for the site in June last year but instead decided to proceed with the sale. The former student village on the site, which featured more than 1,000 student beds across a number of four-storey blocks, closed in June 2015.
Salboy has become a prolific developer in Salford in recent years, having completed the £79m, 399-home Local Blackfriars in September. Other projects currently on site include the £85m Crescent, which features towers of 22 and 17 storeys.
Kuits advised the University of Salford on the deal, while BLM advised Salboy.